Connect with us

Real Estate Big Data

Best places for new grads to live and work #score

(BIG DATA) Finding a job as a fresh college graduate is undoubtedly hard so Trulia and Indeed teamed up to help grads find the best places to live and work.

Published

on

places

Life transition

An open-ended job search can often present a catch-22-style conundrum: the places with the strongest job markets and highest salaries are, for the most part, the places with the highest cost of living.

bar
For example, a fat NYC salary doesn’t look so great when you’re spending $3,000 a month to rent a crappy one bedroom apartment that you hardly ever see, since you’re always working late to earn that paycheck.

Indeed+ Trulia

In honor of the graduation season, a new partnership between Indeed and Trulia has resulted in a study, co-authored by former Trulia Chief Economist Jeff Kolko, which outlines the best cities for new grads to work and live affordably. Some of these sweet spots are unlikely, but worth considering if you’re a new grad looking for a way to mindfully target your job search.

New grads are defined in the study as those with a bachelor’s degree, but not a higher degree, and they’re between the ages of 22 and 27.

This demographic is particularly susceptible to relocating for a new job or job search. In the past year, 31 percent of recent grads have moved to a new home (compared to just 11 percent of the general adult population), and 6.2 percent of recent grads have moved to take or search for a new job in the last year, compared to just 1.4 percent of all adults.

The study

To determine good places for grads, the study first identified what sorts of jobs new grads are most likely to do. According to the US Census Bureau, roles in the top ten most likely jobs for new grads include actuaries, financial analysts, chemical engineers, and public relations specialists.

The study then searched for cities with plentiful job offerings in those categories, and the results weren’t exactly surprising. Coastal metro areas like New York, D.C., Boston, San Francisco, and L.A. all made the top ten, and most of those top ten appear in the top ten list for median income for recent grads, as well.

So most of the best cities for new grad job seekers are also the best cities for high new grad income.

But they’re also the cities with the highest rents. And when the study examined the cities with the highest percentage of affordable housing, they found that these primarily-Midwestern cities had a low percentage of job offerings for new grads.

So is all hope lost?

Must new grads choose between a place to live and a good job? Not exactly. There are a few sweet-spot cities that aren’t the best for affordability and/or job offerings, but are far from the worst. These golden six metro areas for new grad job seekers are:

  • Seattle, Washington
  • Hartford, Connecticut
  • Baltimore, Maryland
  • Pittsburgh, Pennsylvania
  • Detroit, Michigan
  • Dayton, Ohio

places

So if you’re open to relocating for a new job and you’d like to also have a place to live when you get there, consider searching in one of these Goldilocks cities.

#CongratsGrad

Staff Writer, Natalie Bradford earned her B.A. in English from Cornell University and spends a lot of time convincing herself not to bake MORE brownies. She enjoys cats, cocktails, and good films - preferably together. She is currently working on a collection of short stories.

Economics

Why it’s about to get more expensive to get a mortgage

(FINANCE) Borrowing money is getting more expensive, especially for those looking to get a mortgage. But why?

Published

on

bonds and mortgages

Although there have been some blips, bonds have grown substantially in value since the 1980s. They’ve performed extremely well for a number of reasons, not least of which is the big slowdown in inflation over that time period.

The result, for investors, has been that anything “bond-lik,e” i.e. capable of paying a regular income – like a high-dividend stock or even a property like your home – has shot up in value. A reversal of bond prices would mean less support for such investments.

That’s what the economy is currently experiencing. According to Financial Times, American worker wage growth is hastening the sell-off of bonds by the US government, which is decreasing the overall price of bonds. As bond prices go down, the interest rates that they offer new investors go up. That rate jumped to 2.85 percent last Friday, the highest level since 2014.

Since the rates at which banks lend their money are largely based on the interest rates offered by bonds, regular folks looking to take out a mortgage or a loan are facing higher costs.

How does this work?

If we’re talkin’ bond prices, we’re talkin’ yield. When the price of a bond goes up, the yield of that bond goes down! Let’s say you’re getting paid $5 each year. If you pay $50 for that right, then you’re making a 10% “yield” (5/50 = 10%). But if you pay $100 for that right, then you’re making a 5% “yield” (5/100 = 5%).

It’s the same thing with the price of a bond because the amount a bond investor gets paid (usually) is fixed. And so, when the bond goes up in value, the “yield” goes down – and vice versa.

For realtors, its important to help clients shop for the best rates to improve their confidence in this market. Leveraging the right online and local financing resources can help potential buyers get the best deal. Explaining broader market context is also critical. Historically, a three percent interest rate is still very low.

According to Investopedia, mortgage rates averaged 7.81% in 1996 and 10.19% in 1986. Instilling confidence with information will put buyers and sellers in the right place to make moves.

Continue Reading

Real Estate Big Data

Murdoch wants FB to pay for content – should RE search sites pay for listing data?

(DATA NEWS) Rupert Murdoch argues that Facebook should pay to feature trusted news. Sounds like a familiar argument that real estate practitioners have made for over a decade.

Published

on

rupert murdoch

There’s an old argument in the real estate industry that you’ve probably heard – listing data is aggregated by real estate search sites like Zillow, which makes big bucks on that free firehose of data, but doesn’t send a cut of said profits back to the content providers (and should).

This conversation is being revisited after Facebook’s announcement that they’re going to restructure how data flows. Just as publishers are asking why Facebook doesn’t pay for content, the real estate industry is again asking – why is the data real estate professionals produce aggregated for someone else’s financial benefit?

Media mogul and Executive Chairman of News Corp, Rupert Murdoch, issued a press release outlining his urgent belief that Facebook and other media giants should pay publishers for their content, rather than benefiting from the content, keeping the profit to themselves, and padding their stock prices. This comes at a rather interesting time, given many media giants are changing they way the game is played: YouTube is causing a bit of a stir with their top contributors, Facebook has vowed to get back to their roots, and it won’t be long before other social media and marketing sites follow suit.

Amidst these changes, though, where are the benefits for the content creators?

There are influencers on YouTube that promote new products; Facebook and Twitter users who supply endless amounts of content from which other companies/brands benefit, and to apply this to real estate, Zillow, Trulia, and others who aggregate brokers’ content into their platforms and benefit tremendously. It’s shrewd business.

This is especially frustrating when you consider, as Murdoch points out, “publishers are obviously enhancing the value and integrity [of the platform] through their news and content but are not being adequately rewarded for those services.” Realtors® create data for aggregators by listing properties in the MLS, then, they are charged to be showcased on the very platforms already utilizing and profiting from the information that has been provided for free.

While Realtors® may have been paid for their listing by their client, they have not been provided a percentage of any search site’s profits, which is the primary argument Murdoch makes to Facebook.

Murdoch proposes a fee structure to remedy this issue, much in the same way cable is structured, whereby publishers would be compensated for their contributions, but it isn’t clear how this would work long-term, although it is food for thought about who really owns data.

According to Murdoch, “The time has come to consider a different route. If Facebook [or any other media giant] wants to recognize ‘trusted’ publishers, then it should pay those publishers a carriage fee similar to the model adopted by cable companies. The publishers are obviously enhancing the value and integrity of Facebook through their news and content but are not being adequately rewarded for those services. Carriage payments would have a minor impact on Facebook’s profits but a major impact on the prospects for publishers and journalists.”

In other words, real estate search sites should be paying broker for using the data they provide, instead of charging for extra bells and whistles in the name of marketing. Even if the real estate search site is one of Murdoch’s own…

Continue Reading

Real Estate Big Data

Housing optimism cools – what will it take to heat back up?

(REAL ESTATE NEWS) Despite economic gains and a hot housing market, optimism is cooling. Why is this happening and what’s the cure?

Published

on

fair home prices existing home sales housing

Housing is a complex creature – the market can be on fire, but optimism can wane nonetheless. The National Association of Realtors (NAR) is reporting that despite solid job creation, the strength of the economy, and increased economic growth, many households are less keen on believing now is a good time for buying or selling, and are overall less confident about the economy.

This comes as a result of the fourth quarter HOME (Housing Opportunities and Market Experience) survey, which samples US households by a random digit-dial and was conducted by TehcnoMetrica Market Intelligence that gathered 2,705 households. The HOME survey collects data on a monthly basis and is focused on identifying real estate trends.

Despite an improving economy, more hiring, and low mortgage rates, optimism in home sales was not as expected, according to Lawrence Yun, Chief Economist for the NAR.

In general, most prospective home buyers had to deal with a lack of inventory – less construction, fewer sellers, and a lack of affordability.

Reduced economic confidence in the face of the economy’s improvements persisted, with more households feeling less secure about their financial situation, and less people believing the economy is improving. Simply put – they aren’t feeling it.

Renters are less engaged to buy, as demonstrated by a two percent decrease in renters believing now is a good time to go get that home.

Overall – the people most excited to purchase homes are current homeowners, households with income above $100,000, and those living in the Midwest and South. If you live in the West, it is likely that you believe yourself to be in a good market for selling a home.

Overall, people more firmly believe it is a good time to sell their home over last year, which can spell some good news for potential buyers in 2018, as more people may be comfortable putting their homes on the market.

The key is that housing supply must increase. New builds and more sellers placing homes on the market will improve confidence about the housing supply and can work in tandem with a better job market and improved economy to make households feel more optimistic about their #future.

Continue Reading

Emerging Stories

Get The Real Daily
in your inbox

subscribe and get news and EXCLUSIVE content to your email inbox